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Deeds Transfer & CGT

Hi,

10 years ago I bought the family home with my mother and both names are on the title deeds. My mother moved out shortly afterwards and I now live in the house with my family.

During a recent coversation we realised that the deeds where still in both names and she has agreed to transfer full ownership to me and does not wish any payments in return.

What is the impact of change with respect to CGT.

As an example, the property was valued at 40K when bought, we have spent easily 20K on house improvements and it now valued at 100k.

Thanks.

PS How do the Inland Revenue find out about the transfer?

Reply to
Paul
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They get notification of every transfer from the Land Registry.

Reply to
Jonathan Bryce

Thanks for the reply.

Does anyone have an idea of the cost involved from the example I`ve given?

She is now on income support benefits so I would have to fund any tax liability arising from this.

Thanks.

Reply to
Paul

Reply to
Bryan.from.Horsell

I know that when she moved into her current rented property that she had to sign a document issued by the local council that she would not be receiving any proceeds from the future sale of the house. After signing this she was able to receive housing benefits. What would be the implications for her if she gifted her share of the house to me?

Reply to
Paul

Reply to
Bryan.from.Horsell

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